The UAE is on the right path to become one of the top performers globally, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, tweeted on Wednesday.

Classified for the seventh consecutive year for its innovation-driven economic development, the UAE has been placed alongside countries such as the United States, Japan, Singapore and Germany in the Global Competitiveness Report, released by the World Economic Forum. The UAE is ranked 24th out of 144 countries globally — an improvement of three ranks from last year and ahead of countries such as Australia, New Zealand and Spain.

In the report, the UAE ranked among the top 10 nations globally in the following pillars of the report: Infrastructure (8th), Macroeconomic environment (7th), Goods Market Efficiency (5th) and Labour Market Efficiency (7th), and among the top 20 for Institutions (12th) and Business Sophistication (15th).

“UAE is the only Arab country to be classified as an innovation-driven economy...And was ranked 5th globally in “Goods Market Effeciency,” Shaikh Mohammed tweeted.

“Proud to see UAE advance fast in this index as well as other indices. We are on the right path to be one of the top performers globally,” Shaikh Mohammed’s tweet said.

Reem Al Hashimy, Minister of State and Chairwoman of the Emirates Competitiveness Council, said the UAE’s achievement reflects the government’s endeavours to diversify the economy and create a robust business environment that enables creativity and entrepreneurship to be translated into innovative goods and services.

The minister praised all levels of government that were “working concertedly to put in place the framework — the policies and the institutions — for an economy that relies increasingly on innovation for sustained growth, enhancing competitiveness”. —